The Brazilian Council of the Investment Partnership Program (CPPI) has included the country's state-owned oil and gas company Petrobras in its privatisation report after it was requested by the Ministry of Mines and Energy. The privatisation must now be endorsed by Brazil's presidency and by the Congress to go forward.
The company produced 2.77 mboe/d of oil and gas in 2021 (-2.5% compared to 2020), including 2.22 mb/d of oil and NGL (-2.2%), exceeding its 2021 targets. Pre-salt production accounted for 70% of the company’s total output in 2021. In 2022, Petrobras plans to invest US$11bn and to produce 2.7 mboe/d of oil and gas, including 2.1 mb/d of oil and NGL. In June 2019, Petrobras entered into an agreement with Brazil's national competition regulator Administrative Council for Economic Defense (CADE) which requires that the company sell eight of its 13 refineries accounting for 1.1 mb/d in processing capacity (about 50% of the country's total refining capacity). The implementation of the deal has been delayed because of the COVID-19 pandemic, but the privatisation process of several refineries is still ongoing.